Former Woodstock 50 Financier May Still Need to Return $18.5 Million to Festival

Investors Dentsu had announced the event was cancelled
Former Woodstock 50 Financier May Still Need to Return $18.5 Million to Festival
Things are finally looking up for Woodstock 50. Not only have organizers secured new investors, but now a New York judge has ruled in favour of the festival, stating that former investors Dentsu may have return the disputed $18.5 million USD to the festival's bank accounts.

The ruling came today from the Appellate Division of the New York Supreme Court regarding the dispute between Woodstock 50 and Dentsu — the initial financiers that pulled out of the festival in April and claimed the entire event had been cancelled.

However, the final decision on whether the funds ultimately will be returned depends still on the decision of a panel of five judges, which is expected to make the final ruling by the end of the week.

In a statement, Woodstock 50 lawyer Marc Kasowitz said the following: 

Today, in an important step, Justice David Friedman of the Appellate Division, First Department, issued an order requiring that Dentsu and Dentsu Aegis deposit into escrow by Friday at 5:00 p.m. the $18.5 million that Dentsu swept from a Woodstock 50 Festival account. Justice Friedman issued this order pending the decision of a five-judge panel on Woodstock 50's motion to return the funds to the Woodstock 50 Festival account.

The news comes after an initial court ruling on May 15 stating that Dentsu had no right to announce the festival's cancellation, but at the same time, the company did not have to return the money demanded back by Woodstock 50 LLC.

This also follows last week's announcement that American investment bank Oppenheimer & Co. would be the festival's new financiers.

Woodstock 50 is scheduled to run from August 16 to 18 at Watkins Glen, NY. The festival lineup features JAY-Z, Chance the Rapper, the Raconteurs, Sturgill Simpson, the Black Keys, the Killers, Santana, Run the Jewels, Margo Price and more.